Extracted From:
  A LAW DICTIONARY ..., SIXTH EDITION, 1856
  by John Bouvier, CHILDS & PETERSON, PHILADELPHIA


JOINT TRUSTEES. Two or more persons who are entrusted with property for the
benefit of one or more others. 
  Unlike joint executors, joint trustees cannot act separately, but must join
both in conveyances and receipts, for one cannot sell without the others, or
receive more of the consideration money, or be more a trustee than his partner.
The trust having been given to the whole, it requires their joint act to do
anything under it. They are not responsible for money received by their
co-trustees, if the receipt be given for the mere purposes of form. But if
receipts be given under circumstances purporting that, the money, though not
received by both, was under the control of both, such a receipt shall charge,
and the consent that the other shall misapply the money, particularly where he
has it in his power to secure it, renders him responsible....

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